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World > Africa > Benin > Economy (Facts)

Benin - Economy (Facts)
Economy - overview: The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged around 5% in the past six years, but rapid population growth has offset much of this increase. Inflation has subsided over the past several years. In order to raise growth still further, Benin plans to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, and encourage new information and communication technology. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin's $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture in spite of government reluctance. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. Benin continues to be hurt by Nigerian trade protection that bans imports of a growing list of products from Benin and elsewhere, which has resulted in increased smuggling and criminality in the border region.
GDP - real growth rate: 4% (2006 est.)
GDP (purchasing power parity): $8.989 billion (2006 est.)
GDP (official exchange rate): $4.622 billion (2006 est.)
GDP - per capita (PPP): $1,100 (2006 est.)
GDP - composition by sector: agriculture: 32.8%
industry: 13.7%
services: 53.5% (2006 est.)
Population below poverty line: 33% (2001 est.)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 3% (2006 est.)
Labor force: 3.211 million (1996)
Unemployment rate: NA
Budget: revenues: $836.8 million
expenditures: $1.064 billion; including capital expenditures of NA (2006 est.)
Industries: textiles, food processing, construction materials, cement
Industrial production growth rate: 8.3% (2001 est.)
Electricity - production: 82 million kWh (2004)
Electricity - consumption: 576.3 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 500 million kWh (2004)
Oil - production: 0 bbl/day (2004)
Oil - consumption: 14,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 8.21 million bbl (1 January 2005)
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock
Exports: $563.1 million f.o.b. (2006 est.)
Exports - commodities: cotton, cashews, shea butter, textiles, palm products, seafood
Exports - partners: China 21%, Indonesia 7.8%, India 7.1%, Netherlands 6.3%, Niger 5.7%, Togo 4.6%, Nigeria 4.4% (2006)
Imports: $927.3 million f.o.b. (2006 est.)
Imports - commodities: foodstuffs, capital goods, petroleum products
Imports - partners: China 47.3%, France 7.6%, Thailand 6.1% (2006)
Debt - external: $1.6 billion (2000)
Economic aid - recipient: $342.6 million (2000)
Currency: CFA Franc BCEAO (XOF)

Current CFA Franc BCEAO Exchange Rates
Historical CFA Franc BCEAO Exchange Rates
Chart CFA Franc BCEAO Exchange Rates
Currency code: XOF
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - CFA Franc BCEAO Exchange Rates
Notes and Commentary: People - Economy - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
CFA Franc BCEAO Exchange Rates


Notes and Commentary
People
Economy
Historical Highlights
Foreign Relations
Relations with U.S.





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